Gas prices soar | News, Sports, Jobs


Photo from the AP file.

TRENTON, NJ (AP) — Gas prices have hit new all-time highs in New Jersey and across the country after breaking records set in 2008 following Russia’s invasion of Ukraine.

AAA Mid-Atlantic says the average price for a gallon of regular gasoline in New Jersey on Friday was $4.37, down from $3.89 a gallon last week. Drivers paid an average of $2.90 a gallon a year ago at this time.

The national average price for a gallon of regular gasoline was $4.33, down from $3.83 a gallon last week. Drivers paid an average of $2.82 a gallon a year ago at this time.

Crude prices hit their highest levels since 2008 but eased slightly mid-week amid speculation that some oil-producing nations could increase supply, but fears of additional bans on Russian imports of oil and gas prices lifted on Friday, analysts said. .

Tracy Noble, spokesperson for AAA Mid-Atlantic, said Americans may have reached a “tipping point” decide to change their way of life to compensate for rising prices at the pump.

Gasoline prices tend to increase significantly around the March and April switch to summer blended gasoline (which has lower volatility to limit evaporative emissions that normally increase with hot weather). AAA expects prices to fall as they normally would after the summer, but if crude prices stay high, so will gas prices, analysts say.



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